Are You Ready for the US Debt Spiral?

As the mortgage foreclosure scandal spreads like wild-fire it is now clear that the alleged housing boom which made us all rich was in fact backed by nothing but loose monetary policy, systemic fraud, and rampant corruption.

Indeed, it now appears that banks were not only signing foreclosure notices without bothering to even verify the information ON the foreclosure (including WHO owns the house), but that some institutions were actually COUNTERFEITING paperwork if they couldn’t come up with legitimate documents.

While most of the mainstream media is absolutely shocked that the housing bubble and bust was/is rife with criminality (allegedly), I have to admit this is not a total surprise for me. Consider this little tidbit from the Miami Herald from 2008:

Between 2000 and 2007, “regulators allowed at least 10,529 people with criminal records to work in the mortgage profession. Of those, 4,065 cleared background checks after committing crimes that state law specifically requires regulators to screen, including fraud, bank robbery, racketeering and extortion.